SINGAPORE: Daily freight rates for liquefied natural gas (LNG) carriers surged by more than 40% on Monday as escalating tensions in the Middle East disrupted tanker movements through the Strait of Hormuz.
According to Spark Commodities, a leading pricing assessment agency for LNG shipping, Atlantic basin rates climbed to $61,500 per day — an increase of 43%, or $18,750, compared to the previous day.
In the Pacific basin, LNG freight rates rose to $41,000 per day, marking a 45% jump, or $12,750 higher than the preceding session.
The sharp rise follows a widening regional conflict triggered by US and Israeli strikes on Iran and Tehran’s subsequent retaliation, which has heightened concerns over shipping disruptions in one of the world’s most critical energy transit chokepoints.
The Strait of Hormuz handles a significant portion of global LNG and crude oil flows, and any sustained disruption could further tighten supply chains, push up freight costs and increase delivered LNG prices for importing countries.
By Reuters
